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South China Morning Post
15-04-2025
- Business
- South China Morning Post
America may lose US$20 billion in tourism spending as anxious visitors stay away
The US economy is set to lose billions of dollars in revenue in 2025 from a pullback in foreign tourism and boycotts of American products, adding to a growing list of headwinds keeping recession risk elevated. Advertisement Arrivals of non-citizens to the US by plane dropped almost 10 per cent in March from a year earlier, according to data published on Monday by the International Trade Administration. Goldman Sachs Inc. estimates in a worst-case scenario, the hit this year from reduced travel and boycotts could total 0.3 per cent of gross domestic product, which would amount to almost US$90 billion. Foreign tourism has been a tailwind for the US in recent years as the cessation of pandemic-era restrictions sparked a resurgence of international travel. But many potential visitors are now rethinking their holiday plans amid increased hostility at the border, rising geopolitical frictions and global economic uncertainty. One of them is Curtis Allen, a Canadian videographer who cancelled a coming US holiday after President Donald Trump imposed punitive tariffs on his home country and suggested it should become the 51st US state. Allen and his partner have been on multiple camping trips to Oregon over the years, but this year, they will be travelling around British Columbia instead. 'We're not just staying home,' said Allen, 34. 'We're going to go spend the same money somewhere else.' Advertisement Allen's hesitance does not stop there. He cancelled his Netflix subscription and is actively avoiding American imports at the grocery store.
Bloomberg
04-03-2025
- Business
- Bloomberg
US Hedge Fund Chief Rebuilds Birmingham City Football Club
Tom Wagner co-founded a hedge fund company that aims to 'unlock value where others see risk.' Before that, he spent years running the distressed and high-yield credit trading desks at Goldman Sachs Inc. His latest venture has also proven to have no shortage of risk and distress. The 55-year-old American financier bought Birmingham City FC in 2023 and is aiming to transform the English football club into a prime brand from a troubled asset, replete with new arena and a team that can ultimately compete in the Premier League.
Yahoo
27-02-2025
- Business
- Yahoo
South Africa Seeks ‘Meaningful Deal' With US Amid Strained Ties
(Bloomberg) -- South Africa wants to reach a broad-ranging agreement with the US on diplomacy and trade amid strained ties between the two nations, President Cyril Ramaphosa said. The Trump Administration Takes Aim at Transportation Research Shelters Await Billions in Federal Money for Homelessness Providers NYC's Congestion Pricing Pulls In $48.6 Million in First Month New York's Congestion Pricing Plan Faces Another Legal Showdown NYC to Shut Migrant Center in Former Hotel as Crisis Eases A dispute over Pretoria's land and foreign policies has put it firmly in US President Donald Trump's crosshairs, with Washington halting almost all aid and the secretaries of state and finance skipping Group of 20 meetings in South Africa. 'We don't want to go and explain ourselves,' Ramaphosa said at Goldman Sachs Inc. event Thursday. 'We want to go and do a meaningful deal with the United States on a whole range of issues, and the signals that we're getting are that we need to enable the development of that process to happen — it's inevitable that we will get together and do a deal.' Trump's decision to freeze aid to South Africa because of its new land-expropriation laws and 'aggressive positions towards the United States and its allies' — including accusing Israel of genocide in the International Court of Justice — has led to a 7.5 billion-rand ($407 million) shortfall for its longstanding HIV programs. 'It's an interconnected world — we've got to deal with each other, whether we like it or not, and we've got to look at other policy positions that we may differ on,' Ramaphosa said. Trump claimed on his Truth Social account on Feb. 2 that South Africa is confiscating land. The nation's authorities haven't confiscated any private land since the end of apartheid in 1994. Trump 'got the wrong end of the stick' on the country's land policies, Ramaphosa said. 'We had decided that it's not best to have a knee-jerk reaction to all this. We wanted to let the dust settle.' Trump's SALT Tax Promise Hinges on an Obscure Loophole Warner Bros. Movie Heads Are Burning Cash, and Their Boss Is Losing Patience Walmart Wants to Be Something for Everyone in a Divided America China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction Meet Seven of America's Top Personal Finance Influencers ©2025 Bloomberg L.P.
